According to The Block, Solstice Labs, supported by cryptocurrency investment firm Deus X Capital, announced that it will launch the interest bearing synthetic stablecoin USX and the protoplasm staking protocol on the Solana blockchain this summer. USX achieves delta neutral returns through arbitrage and staking strategies, with USDT and USDC fully collateralized to maintain anchoring. Holders can seamlessly access the YieldVault protocol with a total lock up amount of $100 million.
At present, Solana's on chain stablecoins account for over 5% of the total $238 billion on the network, but there is a lack of fiat anchor coins specifically designed for passive income. Solstice Labs CEO stated that USX aims to provide institutional exclusive revenue opportunities in traditional DeFi to retail and institutional users in a transparent manner.
